Inland Empire Apartment Complex Commands $10.5 Million

RIVERSIDE, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Tuscan Luxury Townhomes (top left photo), a 63-unit apartment complex in Riverside. The sales price of $10,550,000 equates to $167,460 per unit and $138 per square foot.

Jim Kordell (middle right photo), a senior associate in Marcus & Millichap’s Ontario office, represented the seller, a private Washington State-based owner.

Eric Chen (lower left photo), also a senior associate in the firm’s Ontario office, represented the buyer, a real estate fund specializing in the acquisition of multifamily properties in the western United States.

“The property is a trophy asset that was 100-percent occupied at the time of the sale,” says Kordell.

“Tuscan Luxury Townhomes is currently the newest apartment complex to have been built in Riverside and its occupancy rate shows the willingness of renters to pay premium rents for modern living spaces,” adds Chen.

“This transaction illustrates the growing demand for new high-quality multifamily properties and is an indication of the Inland Empire’s improving investment market.”

The 76,464-square foot property is located at 11511 Magnolia Ave. off California State Route 91 in western Riverside.

For a complete copy of the company’s news release, please contact:

 Stacey Corso

Public Relations Manager

(925) 953-1716

Brandmovers Moves into New Headquarters in Atlanta

ATLANTA, GA – Brandmovers, an Atlanta-based firm that works with brands to build consumer relationships across interactive channels, has moved into a new 10,000-square-foot headquarters in Atlanta.

The company’s new office, which houses about 30 employees, is located at 1575 Northside Drive (lower left photo). The firm’s previous offices were located in Midtown Atlanta. The firm has added 10 employees over the past three months. In the past twelve months the company has doubled in size and anticipates the same level of growth in the coming year.

Brandmovers began in the Fulton County Business Incubator in 2003 and now also has offices in London and Mumbai, India. The firm creates interactive digital programs designed to attract and expand a client’s customers.

“We are thrilled about our new, expanded headquarters,” said Brandmovers CEO Andrew Mitchell (top right photo). “The past decade has been one of unprecedented growth for our company, and we are excited about continuing that expansion in a tech-friendly city such as Atlanta, where we have consistent access to great talent.”

For more information on how Invest Atlanta can provide solutions for you or your business, contact us at: 404-880-4100, e-mail: wcronin@investatlanta.com or visit us at: www.InvestAtlanta.com.

To get the latest updates, follow us on Twitter@InvestAtlanta, and Like us on Facebook www.facebook.com/investatlanta.

 For more information, visit www.brandmovers.com, follow us on Twitter @brandmovers and like us on Facebook www.facebook.com/brandmovers.

For a complete copy of the company’s news release, please contact:

Tony Wilbert

Wilbert News Strategies

404-965-5022 (O)

404-405-3656 (C)

twilbert@wnspr.com

Foreclosure Homes Account for 23% of All U.S. Residential Sales in Q2 2012, According to RealtyTrac®

IRVINE, CA — RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its Q2 2012 U.S. Foreclosure Sales Report™, which shows that sales of homes that were in some stage of foreclosure or bank-owned (REO) accounted for 23 percent of all U.S. residential sales during the second quarter — up from 22 percent of all sales in the first quarter and up from 19 percent of all sales in the second quarter of 2011.

“The second quarter sales numbers provide solid statistical evidence of what we’ve been hearing anecdotally from real estate agents, buyers and investors over the past few months: there is a limited supply of available foreclosure inventory to choose from in many markets,” said Daren Blomquist (top right photo), RealtyTrac Vice President.

“Given this shortage of supply and the seasonally strong buyer demand in the second quarter, it’s no surprise that the average foreclosure-related sales price increased both on a quarterly and annual basis.

“Three straight months of increasing foreclosure starts through July may ease the inventory shortage somewhat in the coming months when many of these foreclosure starts translate into listed short sales or bank-owned homes,”

Blomquist added. “The increase in short sales of properties that have not even started the foreclosure process indicates that lenders are moving further upstream to deal with their distressed inventory, thereby avoiding the increasingly complex and lengthy foreclosure process altogether.”

For a complete copy of the company’s news release and statistics, please contact:

Christine Stricker

949.502.8300, ext. 268

christine.stricker@realtytrac.com

Michelle Schneider

949.502.8300, ext. 139

michelle.schneider@realtytrac.com

Order Custom Data:

Data Sales Department

800.913.0439

datasales@realtytrac.com

DoubleTree by Hilton Opens First Hotel in Iowa

McLean, VA and Moline, IL (Aug. 30, 2012) – DoubleTree by Hilton today announced the opening of the newly renovated, upscale, full-service 100-room DoubleTree by Hilton Des Moines Airport (top left photo).

Formerly a Radisson, the hotel is owned and operated by Heart of America Group under a franchise license agreement with a subsidiary of Hilton Worldwide.

 Rob Palleschi (middle right photo) global head, DoubleTree by Hilton, said, “The DoubleTree by Hilton Des Moines Airport marks our brand’s entry into Iowa.

"Des Moines is a major business hub for the region as well as a robust market that provides a variety of leisure activities for all ages. We are confident the hotel is well-placed for success in the market and look forward to a long partnership with Heart of America.”

Located adjacent to the Des Moines International Airport (lower left photo) and just minutes from downtown Des Moines, the hotel is accessible easily to Highway 5 and Interstates 35 and 80.  The DoubleTree by Hilton is located at 6800 Fleur Drive, Des Moines, Iowa 50321.

 For more information, please visit www.doubletree.com, contact your preferred travel professional or call +1 800 222 TREE.  

 For a complete copy of the company’s news release, please contact:

Chris Daly

President

Daly Gray, Inc.

Ph: 703-435-6293

Cell: 703-864-5553

Dart Realty Opens New Office Building at Camana Bay in Cayman Islands

  

CAMANA BAY, Cayman Islands (Aug. 30, 2012) - Dart Realty (Cayman) Ltd. said today it has opened 94 Solaris Avenue (top left photo), the newest office building at Camana Bay, with a majority of its space leased.

 With the addition of 94 Solaris, a five-story, 68,000-square-foot Class A office building, Camana Bay continues to build on the momentum DartRealty has created at the Caribbean’s most significant New Urbanism development.

 “The completion of 94 Solaris Avenue is a significant milestone in the development of Camana Bay,” said Jackie Doak (lower right photo), Chief Operating Officer for Dart Realty. “Camana Bay’s office buildings are a critical component to the thriving mixed-use environment at Camana Bay.”

Camana Bay (lower left photo), one of Grand Cayman’s premier destinations with shopping, events, parks, sports facilities and apartments, has emerged as a new commerce center for companies in the finance and insurance industries. As a result, Camana Bay’s office component continues to grow despite current global economic conditions.

Designed by Washington D.C.-based Torti Gallas and Partners with support from local architects, the Burns Conolly Group, the building houses Class A office tenants and offers restaurant and retail on the ground floor.

Anchor tenant Mourant Ozannes, one of the world’s leading offshore law firms, has relocated its offices to the top two floors of 94 Solaris Avenue. The entire second floor is occupied by AON, the largest risk management firm in the Cayman Islands.

For a complete copy of the company’s news release, please contact:

TonyWilbert,

Wilbert News Strategies

Tel:404.965.5022

E-mail: twilbert@wnspr.com

Hadley Creekmuir,

 Wilbert News Strategies

Tel:404-343-4080

 E-mail: hcreekmuir@wnspr.com

http://www.wnspr.com

http://skylineviews.typepad.com

HFF marketing for sale 464-unit multi-housing community in suburban Chicago

 CHICAGO, IL – HFF announced today that it has been selected to market the sale of AMLI at Oakhurst North (top left photo), a 464-unit, Class A multi-housing community in Aurora, Illinois.

HFF is marketing the property exclusively on behalf of the seller, AMLI Residential Properties Trust.  The property is listed without a sales price, free and clear of existing debt.

Located at 2800 AMLI Drive, AMLI at Oakhurst North is close to the Westfield Fox Valley Mall and Interstate 88 in the Naperville/Aurora submarket in Chicago’s western suburbs. 

 The property has 29 two and three-story residential buildings with one- and two-bedroom units averaging 1,012 square feet each.  Residents have access to an indoor lap pool as well as an outdoor pool, a 24-hour fitness center, business center, picnic area and tot lot.  AMLI at Oakhurst North is 95 percent leased.

The HFF investment sales team representing the seller is led by executive managing director Matthew Lawton (middle right photo) along with managing directors Sean Fogarty (lower left photo) and Marty O’Connell (lower right photo).

“While the apartment homes at AMLI at Oakhurst North are fully amenitized, a new owner has the opportunity to increase rents with particular unit upgrades such as updating kitchen countertops and flooring as well as bathroom and lighting improvements,” said Lawton. 

 “These are spacious homes with unique floor plans located in a very strong apartment submarket, which should be appealing to numerous multi-housing operators.”  

 AMLI is one of the preeminent multifamily companies in the nation. The company is focused on the development, acquisition and management of luxury apartment communities.

 

Contact:

            

 MATTHEW D. LAWTON                      

HFF Executive Managing Director           

(312) 528-3650                                            

mlawton@hfflp.com                                 

                                               

KRISTEN MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com

HFF named to market sale of Yorkville Marketplace in suburban Chicago

 CHICAGO, IL – HFF announced today that it has been named to market the sale of Yorkville Marketplace (top left photo), a 111,591-square-foot Jewel-Osco anchored shopping center in suburban Chicago.

HFF is marketing the property on behalf of the seller, a joint venture between affiliates of Tucker Development Corporation and American Realty Advisors.  The property is listed without a formal asking price, free and clear of debt.

Yorkville Marketplace is located on 17.95 acres at the intersection of US Route 34 and Illinois Route 47 in Chicago’s western suburbs.  Completed in two phases in 2002 and 2007, the property is anchored by Jewel-Osco and Office Max.  Additional in-line tenants include Panera Bread, Quizno’s and GNC.

 The HFF investment sales team representing the seller is led by director Daniel Kaufman (lower right photo) and associate director Amy Sands in the Chicago office, and senior managing directors Jim Batjer and Barry Brown in the firm’s Dallas office.

                “We anticipate strong investor interest for Yorkville Marketplace given the quality of the shopping center’s tenancy which features a well-performing Jewel-Osco grocery store.  Jewel is the dominant grocer in the Chicago region, and their store at Yorkville Marketplace is an important location for the retailer at Yorkville’s best retail node,” said Kaufman. 

Contacts:

               

DANIEL A. KAUFMAN                  

 HFF Director                                       

 (312) 528-3650                                   

dkaufman@hfflp.com                      

AMY L. SANDS                               

HFF Director                                       

(312) 528-3650

asands@hfflp.com      

                                              

KRISTEN MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com

www.americanreal.com

www.tuckerdevelopment.com

HFF arranges $46 million financing for Almaden Financial Plaza in San Jose, CA

SAN FRANCISCO, CA – HFF announced today that it has arranged a $46 million financing for Almaden Financial Plaza (top left photo), a three-building, 415,000-square-foot, Class A office complex in downtown San Jose, California.

HFF worked exclusively on behalf of the property owner, an affiliate of Embarcadero Capital Partners LLC, to secure the five-year, fixed-rate loan through Guardian Life Insurance Company of America. 

The HFF team representing Embarcadero was led by managing director Peter Smyslowski (middle right photo) senior managing director Gerry Rohm (lower left photo) and managing directors Kevin Redford (lower right photo) and James Fowler.

Loan proceeds were used to refinance a maturing securitized loan and provide additional capital for future building improvements and leasing costs. 

The loan was structured with a three-year, interest-only period followed by a 30-year amortization schedule, and is open to pre-payment at par after 18 months.

Almaden Financial Plaza is centrally located at 1, 55 and 99 Almaden Boulevard in San Jose’s downtown business district, close to Highways 101, 280, 87 and 85, as well as the San Jose International Airport and the HP Pavilion.

Property amenities include an on-site café and close proximity to the restaurants and shops along Santa Clara and San Pedro Streets, city views, efficient floor plates and ample parking in a “state-of-the-art” garage.  Anchor tenants at the project include Bridge Bank, Wells Fargo and Union Bank. 

“Almaden Financial Plaza has enormous upside potential.  As the overall Silicon Valley market recovery continues to accelerate, the property is well positioned to outperform the market,” said Smyslowski.

Embarcadero Capital Partners LLC is a real estate investment and management firm based on the San Francisco peninsula with a large number of assets in dynamic, development-constrained West Coast markets, including San Francisco, San Jose, Cupertino, Palo Alto, Mountain View, Belmont, Pleasanton, Westside Los Angeles and Pasadena.

Contacts:

                    

PETER SMYSLOWSKI                                              

HFF Managing Director                                                

(415) 276-6300                                                              

psmyslowski@hfflp.com

                                              

KRISTEN MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com

HFF facilitates $59 million ground lease of 177 Huntington Ave. in Boston

BOSTON, MA – HFF announced today that it has finalized the long-term ground lease of 177 Huntington Avenue on the Christian Science Plaza (top left photo) in Boston. 

HFF exclusively represented The First Church of Christ, Scientist, and the Trustees of Church Realty Trust and procured the ground lessee – an affiliate of Beacon Capital Partners, LLC (http://www.beaconcapital.com).

177 Huntington Avenue is an iconic 26-story, 198,825-square-foot office tower located in the heart of Boston’s Back Bay neighborhood.

 This modernist landmarked structure was designed by “internationally renowned” architects I. M. Pei & Partners and Araldo A. Cossutta, Associated Architects. 

The building was completed in 1972 to house the Church’s administration departments and is connected to a 550-space underground parking garage.  The Church occupied the building until 2008, when it moved its worldwide headquarters into the renovated Christian Science Publishing House Building, also on the Plaza.

The HFF team representing the lessor was led by managing director Coleman Benedict and director Ben Sayles along with executive managing director John Fowler, senior managing director Riaz Cassum and senior real estate analyst Mark Campbell. 

For a complete copy of the company’s news release, please contact:

                

COLEMAN BENEDICT                                 

HFF Managing Director                                      

 (617) 338-0990                                                    

cbenedict@hfflp.com   

                                            

KRISTEN M. MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com

National Retail Properties, Inc. Announces New and Expanded $450 Million Unsecured Credit Facility

ORLANDO, FL, May 25, 2011 /PRNewswire/ -- National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced the closing of a new $450 million unsecured credit facility, replacing its existing $400 million credit facility.

 The new facility matures May 2015, with an option to extend maturity to May 2016. The facility is priced at LIBOR plus 150 basis points. The new facility also includes an accordion feature to increase the facility size to $650 million.

Wells Fargo Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated were joint lead arrangers and joint book-runners of this credit facility with Wells Fargo Bank, National Association as the Administrative Agent and Bank of America N.A. as the Syndication Agent.

Documentation Agents were PNC Bank, National Association, Royal Bank of Canada and U.S. Bank, National Association. Other bank participants include BB&T, Citibank N.A., SunTrust Bank, Capital One, N.A., and Raymond James Bank, FSB.

"We greatly appreciate the strong support of our bank group and the confidence they have in our business," said Kevin B. Habicht (top right photo), Executive Vice President and CFO.

 "This expanded facility gives us significant financial flexibility and enhances our ability to take advantage of acquisition opportunities which helps us perpetuate NNN's track record of 21 consecutive increases in our annual dividend."

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases.

As of March 31, 2011, the company owned 1,223 Investment properties in 46 states with a gross leasable area of approximately 13.3 million square feet. For more information on the company, visit www.nnnreit.com.

Contact: Kevin B. Habicht, Chief Financial Officer, +1-407-265-7348

Grubb & Ellis Receives Listing Standards Notice from NYSE

  

SANTA ANA, CA (May 25, 2011) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today reported that on May 19, 2011, it was notified by the New York Stock Exchange that it is not currently in compliance with the NYSE’s continued listing standards, which require an average market capitalization of not less than $50 million over 30 consecutive trading days and shareholders’ equity of not less than $50 million. 

 The company intends to notify the NYSE that it will submit a plan within 45 days from the receipt of the NYSE notice that demonstrates its ability to regain compliance within 18 months. 

Upon receipt of the company’s plan, the NYSE has 45 calendar days to review and determine whether the company has made a reasonable demonstration of its ability to come into conformity with the relevant standards within the 18-month period, or whether it will require the company to do so within a lesser time period. 

The NYSE will either accept the plan, at which time it will specify the applicable time period within which the company has to come into compliance.  Thereafter, the company will be subject to ongoing monitoring for compliance with this plan. 

Alternatively, should the NYSE reject the plan, the company will be subject to suspension and delisting proceedings.

The company’s business operations, SEC reporting requirements and debt instruments are unaffected by the notification. 

During any cure period, the company’s shares will continue to be listed and traded on the NYSE, subject to its compliance with other NYSE continued listing standards, and a “.BC” indicator will be affixed to the GBE ticker symbol.

 The company previously announced in April that it had been notified by the NYSE that it was not in compliance with the NYSE’s continued listing standard as the minimum average closing price of the company’s common stock fell below $1.00 per share for over 30 consecutive trading days. 

The company is in the process of developing a plan to comply with this continued listing standard as well.

 In March, Grubb & Ellis announced that it had engaged JMP Securities to explore strategic alternatives, including the potential sale or merger of the company.

 Contact: Janice McDill, Phone: 312.698.6707                                     

Email:  Janice.mcdill@grubb-ellis.com

          

Daymark Realty Advisors Secures 34,000-SF Lease Renewal with Smiths Medical at 5200 Upper Metro Near Columbus, OH

  

COLUMBUS, OH  (May 25, 2011) – Daymark Realty Advisors Inc., a leading provider of strategic asset, property management and structured finance solutions for owners of commercial real estate, today announced that it has secured a 63-month lease renewal totaling 33,967 square feet with Smiths Medical at 5200 Upper Metro (top left photo) in the Columbus suburb of Dublin, Ohio.

 Since January 1, 2011, Daymark Realty Advisors and its subsidiaries have successfully executed lease transactions totaling in excess of 1.2 million square feet, valued at more than $18.9 million.

 Daymark Realty Advisors and its subsidiaries manage 5200 Upper Metro, a three-story, Class A office building, on behalf of individual owners.

 Smiths Medical, the largest division of the UK-based Smiths Group, is a global supplier of innovative medical devices for the hospital, emergency, home, and specialist environments.

“Smiths Medical has been a tenant at 5200 Upper Metro for the last six years and their renewal maintains the 89 percent occupancy rate at the property,” said Elizabeth Grossman, vice president, asset management.

“Dublin’s friendly entrepreneurial environment has attracted several large companies in the last decade and is home to numerous corporate headquarters.”

 Built in 1999, 5200 Upper Metro is a 96,000-square-foot office building situated on nearly eight acres in the affluent suburb of Dublin. The property is located in the Metro Center Business Park, a 130-acre corporate office park that features numerous amenities, including an onsite café, four hotels, three restaurants, and a fitness center.

Chris Potts and Brett Cisler from Colliers International represented Daymark Realty Advisors in the transaction.  Paul Tingley from Jones Lang LaSalle represented Smiths Medical.

 For more information regarding Daymark, please visit www.DaymarkRealtyAdvisors.com

 Contact: Damon Elder, (714) 975-2659, delder@DaymarkRA.com

EastGroup Properties Announces 126th Consecutive Quarterly Cash Dividend

JACKSON, MS, May 25, 2011—EastGroup Properties (NYSE-EGP) announced today that its Board of Directors declared a quarterly cash dividend of $.52 per share payable on June 30, 2011 to shareholders of record of Common Stock on June 17, 2011.

 This dividend is the 126th consecutive quarterly distribution to EastGroup's shareholders and represents an annualized dividend rate of $2.08 per share.

EastGroup Properties, Inc. is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona and California.

 Its strategy for growth is based on its property portfolio orientation toward premier business distribution facilities clustered near major transportation features. EastGroup's portfolio currently includes 28.3 million square feet.

EastGroup Properties, Inc. press releases are available at www.eastgroup.net

. 

For more information, please contact:

David H. Hoster II (top right photo), President and Chief Executive Officer, (601) 354-3555 or N. Keith McKey, Chief Financial Officer, at same number.

700 New Condos Still Unsold In Downtown West Palm Beach

MIAMI, FL--Even though buyers acquired more developer units per month in the first 90 days of 2011 than a year earlier, the Downtown West Palm Beach market still has more than 700 new condos unsold from the South Florida real estate boom, according to a new report from CondoVultures.com.

As of March 31, 2011, the unsold new condo inventory represents nearly 21 percent of the more than 3,400 units created in Downtown West Palm Beach since 2003, according to the report based on the Condo Vultures® Official Condo Buyers Guide To Downtown West Palm Beach And Palm Beach Island™.

 

In the first quarter of 2011, buyers acquired an average of 12 new condos per month at a blended price of $236 per square foot in Downtown West Palm Beach, according to an analysis of Palm Beach County records.

This year’s new condo sales activity represents a nine percent increase in transactions from the first quarter of 2010 when an average of 11 units were acquired per month at a blended price of $232 per square foot.

“At the current sales pace in this all-cash market, Downtown West Palm Beach has nearly five years of available inventory remaining,” said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

“The good news is, Downtown West Palm Beach has fewer unsold new condos than the markets of Greater Downtown Miami, South Beach, and Sunny Isles Beach in Miami-Dade County.

“The bad news is, Downtown West Palm Beach's total unsold inventory number does not include some 500 units that were previously acquired in distressed bulk deals by out-of-town investment groups that are now trying to resell the condos at a profit to individual purchasers.”

 

Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com

.

Marcus & Millichap Capital Corp. Arranges $9.3 Million Multifamily Refinancing Loan

ANAHEIM, CA – Marcus & Millichap Capital Corporation (MMCC) has arranged $9,370,000 in refinancing for an 84-unit multifamily property in Anaheim.

Rick Padilla (top right photo), a senior director in the firm’s Long Beach office, arranged the financing.

“Before coming to MMCC, the borrower was turned down for refinancing by half-a-dozen lenders, including his existing lender,” says Padilla. “He was told that his property’s rents were above market, that the property was not of agency quality and that his net worth, liquidity and experience were insufficient to qualify for an agency refinancing loan.”

“MMCC’s longstanding relationships with agency lenders, and our ability to draw upon market data produced by Marcus & Millichap’s local investment sales agents and research department, helped overcome these hurdles and meet our client’s objectives,” concludes Padilla.

The loan is for 10 years, amortized over 30 years with a fixed interest rate of 5.75 percent. The LTV is 75 percent.

 Press Contact: Stacey Corso, Marcus & Millichap Capital Corporation

(925) 953-1716

 www.mmCapCorp.com